27-31B-2
Section 27-31B-2 Definitions. As used in this chapter, the following terms shall have
the following meanings, unless the context clearly indicates otherwise: (1) AFFILIATED COMPANY.
Any company in the same corporate system as a parent, an industrial insured, or a member organization
by virtue of common ownership, control, operation, or management. (2) ALIEN CAPTIVE INSURANCE
COMPANY. Any insurance company formed to write insurance business for its parents and affiliates
and licensed pursuant to the laws of an alien jurisdiction which imposes statutory or regulatory
standards in a form acceptable to the commissioner on companies transacting the business of
insurance in that jurisdiction. (3) ASSOCIATION. Any legal association of individuals, corporations,
limited liability companies, partnerships, associations, or other entities whereby either
of the following exists: a. The member organizations of which, or the association itself,
whether or not in conjunction with some or all of the...
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27-31B-6
Section 27-31B-6 Minimum capital and surplus. (a) No captive insurance company shall
be issued a license unless it shall possess and thereafter maintain unimpaired paid-in capital
and surplus as follows: (1) In the case of a pure captive insurance company, not less than
two hundred fifty thousand dollars ($250,000) or such other amount determined by the commissioner
and actuarially supported by a feasibility study. (2) In the case of an association captive
insurance company or risk retention group, not less than five hundred thousand dollars ($500,000)
or such other amount determined by the commissioner and actuarially supported by a feasibility
study. (3) In the case of an industrial insured captive insurance company, not less than five
hundred thousand dollars ($500,000). (4) In the case of a protected cell captive insurance
company, not less than two hundred fifty thousand dollars ($250,000) or such other amount
determined by the commissioner and actuarially supported by a...
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27-31B-3
Section 27-31B-3 Licensing. (a) Any captive insurance company, when permitted by its
articles of association, charter, or other organizational document, may apply to the commissioner
for a license to do any and all insurance defined in Sections 27-5-2, 27-5-4, and 27-5-5,
in subdivisions (1), (2), (4), (5), (6), (7), (8), (9), (10), (11), (12), (13), and (14) of
subsection (a) of Section 27-5-6, in Sections 27-5-7, 27-5-8, 27-5-9, and 27-5-10,
and to grant annuity contracts as defined in Section 27-5-3, subject, however, to all
of the following: (1) No pure captive insurance company may insure any risks other than those
of its parent and affiliated companies or controlled unaffiliated business. (2) No association
captive insurance company may insure any risks other than those of the member organizations
of its association, and their affiliated companies. (3) No industrial insured captive insurance
company may insure any risks other than those of the industrial insureds that comprise...

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27-31B-8
Section 27-31B-8 Formation of captive insurance companies in this state. (a) A pure
captive insurance company or a protected cell captive insurance company shall be formed as
a stock or mutual insurer, or as a nonprofit or limited liability company with its capital
divided into units and held by the stockholders, members, or other equivalent as allowed by
law. (b) An association captive insurance company, an industrial insured captive insurance
company, or a risk retention group may be formed in any of the following ways: (1) Organized
as a stock insurer with its capital divided into share units and held by the stockholders,
members, or other equivalent as allowed by law. (2) Organized as a mutual insurer without
capital stock, the governing body of which is elected by the member organizations of its association.
(3) Organized as a reciprocal insurer in accordance with Chapter 31 of this title. (4) Organized
as a manager-managed limited liability company. (c) A captive insurance...
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27-31C-3
Section 27-31C-3 License to provide homeowners insurance; exemptions; powers and duties.
(a) An Alabama Coastal Captive Insurance Company, if permitted by its articles of incorporation
or organization, operating agreements, or charter, may apply to the commissioner for a license
to write homeowners insurance coverage as limited in Section 27-31B-3(a)(4) and as
defined and limited in the standard real property and contents insurance forms as approved
by the commissioner. (b) An Alabama Coastal Captive Insurance Company that qualified as an
association captive under the provisions of Section 27-31B-8 is exempt from the requirement
that the association be in existence for one year so long as the association is in good standing
as an entity before becoming an owner of an Alabama Coastal Captive Insurance Company. (c)
An Alabama Coastal Captive Insurance Company may write homeowners insurance coverage as limited
in Section 27-31B-3(a)(4) and as limited to perils described in subsection (a)...
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40-27-1
Section 40-27-1 Compact adopted; terms. The following Multistate Tax Compact is hereby
approved, adopted and enacted into law by the State of Alabama: Multistate Tax Compact Article
I. Purposes. The purposes of this compact are to: 1. Facilitate proper determination of state
and local tax liability of multistate taxpayers, including the equitable apportionment of
tax bases and settlement of apportionment disputes. 2. Promote uniformity or compatibility
in significant components of tax systems. 3. Facilitate taxpayer convenience and compliance
in the filing of tax returns and in other phases of tax administration. 4. Avoid duplicative
taxation. Article II. Definitions. As used in this compact: 1. "State" means a state
of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory
or possession of the United States. 2. "Subdivision" means any governmental unit
or special district of a state. 3. "Taxpayer" means any corporation, partnership,
firm,...
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27-31B-12
Section 27-31B-12 Legal investments. (a) An association captive insurance company, risk
retention group, and an industrial insured captive insurance company insuring the risks of
an industrial insured group defined in paragraph b. of subdivision (18) of Section
27-31B-2 shall comply with the investment requirements contained in this title, as applicable;
provided, however, that compliance with these investment requirements shall be waived for
risk retention groups to the extent that credit for risks ceded to reinsurers is allowed pursuant
to Section 27-31B-13 or to the extent otherwise deemed reasonable and appropriate by
the commissioner. Chapter 37 of this title shall apply to association captives, risk retention
groups, and industrial insured captive insurance companies insuring the risks of industrial
insured groups defined in paragraph b. of subdivision (18) of Section 27-31B-2 except
to the extent it is inconsistent with approved accounting standards in use by the association...

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27-31B-9
Section 27-31B-9 Reports and statements. (a) Captive insurance companies shall not be
required to make any annual report except as provided in this chapter. (b) Prior to March
1 of each year, each captive insurance company shall submit to the commissioner a report of
its financial condition, verified by oath of two of its executive officers. Except as provided
in Section 27-31B-6, each captive insurance company shall report using statutory accounting
principles, unless the commissioner approves the use of generally accepted accounting principles,
with any useful or necessary modifications or adaptations thereof required or approved or
accepted by the commissioner for the type of insurance and kinds of insurers to be reported
upon, and as supplemented by additional information required by the commissioner. Except as
otherwise provided, each association captive insurance company and each industrial insured
captive insurance company insuring the risks of an industrial insured group...
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27-7-1
Section 27-7-1 Definitions. For the purposes of this chapter, the following terms shall
have the meanings respectively ascribed to them by this section: (1) BUSINESS ENTITY.
A corporation, association, partnership, limited liability company, limited liability partnership,
or other legal entity. (2) COMMISSIONER. The Alabama Commissioner of Insurance. (3) HOME STATE.
The District of Columbia and any state or territory of the United States in which an insurance
producer maintains his or her principal place of residence or principal place of business
and is licensed to act as an insurance producer. (4) INSURANCE. As defined in Section
27-1-2. (5) INSURANCE PRODUCER or PRODUCER. A person required to be licensed under the laws
of this state to sell, solicit, or negotiate insurance. (6) INSURER. As defined in Section
27-1-2. For the purposes of this chapter, insurer shall also mean an insurance company licensed
pursuant to Chapter 3, commencing with Section 27-3-1 of this title; a health...
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10A-20-7.04
Section 10A-20-7.04 Powers of corporation. In furtherance of its purposes and in addition
to the powers now or hereafter conferred on business corporations by Alabama statutes, the
corporation shall, subject to the restrictions and limitations contained in this section,
have the following powers: (1) To elect, appoint, and employ officers, agents, and employees
to make contracts and incur liabilities for any of the purposes of the corporation; provided,
that the corporation shall not incur any secondary liability by way of guaranty or endorsement
of the obligations of any person, firm, corporation, joint stock company, association, or
trust or in any other manner. (2) To borrow money from its members and the small business
administration and any other similar federal agency for any of the purposes of the corporation,
to issue therefor its bonds, debentures, notes, or other evidences of indebtedness, whether
secured or unsecured, and to secure the same by mortgage, pledge, deed of...
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